Shares of AMC Entertainment Holdings (AMC) closed 33% on the first Monday in the market after the blockbuster opening weekend of “Barbie” and “Oppenheimer”, closing at $5.85, and the chain’s board of directors did not favor the transfer decision.
“Barbie” earned $162 million domestically on its opening weekend, the biggest domestic opening weekend for a movie directed by a woman. “Oppenheimer” earned $82 million this weekend, according to The Hollywood Reporter.
The increase is the latest peak in the stock cycle that has taken the company from around $2 per share to the king of memes and back to single digits.
AMC Theaters announced in a press release Monday that audience numbers at its theaters have reached the highest level in more than three years.
Nearly 8 million moviegoers worldwide visited AMC movie theaters this weekend, the most watched weekend since 2019. The company noted that 87,000 Stubbs Rewards members paid double, adding double the amount of customers who watched the two anticipated movies.
AMC Cinemas also closed the second sale in the company’s history on Saturday. “Bapenheimer” is the only “Avengers: Endgame” that opened on Saturday.
AMC President and CEO Adam Aron said in a press release, “[Barbie and Oppenheimer] have proven that successful, commercially successful, and engaging films can be released and successful in the same weekend.”
Another important factor in the stock’s rise is the Delaware court’s decision banning the company from converting its capital into stock. The Conversion is part of a settlement filed by the Allegheny County Employee Retirement System against the company alleging it violated its fiduciary duty by the board of directors.
The plan was canceled by Delaware Judge Morgan Zorn, who said it did not take into account members’ rights that were not included in the case. Allegedly, approximately 2,850 business owners applied to the court regarding the problem.
In response to the order, Allen expressed that he believed the company needed financial reform.
“AMC must be able to raise equity. We must be able to raise equity to protect AMC’s shareholder value over the long term,” Allen wrote on Twitter on Sunday.
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